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Cargojet Income Fund Announces Distribution

TORONTO, May 17 /CNW/ - Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today a cash distribution of $0.042 per unit for the period from May 1, 2010 to May 31, 2010. The distribution will be paid to unitholders of record as at the close of business on May 31, 2010 and will be payable on or before June 15, 2010.

For those unit holders holding units outside a tax deferred plan, the Fund estimates that 96% of the distributions made in 2010 will be treated as taxable income and the balance as a return of capital. The proportion of these figures may change when the actual results for the fiscal year are calculated.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting approximately 750,000 pounds of time sensitive air cargo each business night, utilizing a fleet of forty all cargo aircraft.

Notice on Forward Looking Statements:

Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "intends," "anticipates," "should," "estimates," "expects," "believes," "indicates," "targeting," "suggests" and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the issuer's most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management's Discussion and Analysis (MD&A), for a summary of major risks. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

%SEDAR: 00022068E

SOURCE Cargojet Inc.

For further information: For further information: P. Dhillon, Vice President Marketing, Public & Government Relations, Tel: (905) 501-7373, pdhillon@cargojet.com